That would be correct if there is no overhead at all, when you add overhead to that number hourly wage has to be significantly higher then $48-49 per hour and has to be consistent throughout they year in order to take home 100 large.40 hr work week x 52 weeks = 2,080 hours. $100K gross would be $48-49 per hour of working every income, (labor), producing hour. Income producing would be the hours you put in actually making money. In order to net $100k income would depend on what your tax/business plan is set up to be.
Beauty about being your own boss is work less and make moreI couldn’t agree more. One of my favourite things about running our business is that we don’t have to work 40 hours a week if we don’t want to. Most times we book one job a week, even though there’s more out there to take. I love having a couple days off a week if I can. 4 day weekends are better than money in the bank you don’t have time to spend. But I posed this question to see how long it took you all to get to the point where you could start making the big bucks. These answers are great so thanks everyone.
The corner was turned around yr#5. Of course economy plays a big part. Another huge factor is how much of your focus are you willing to dedicate to your business?how long did it take for your business to have a break out year? (if that’s ever happened). Or have you found that it’s been steady growth with random off years due to the economy?
Also, would you recommend hiring on a few people if there’s the work
You might check to see if there are any business mentor programs available in your area. We have one in our town that consists of retired business men and women who volunteer their time to assist newer business owners with things like this. There is no charge. I believe it is a program that has been formed in many cities.A business plan is my goal during any slow time this winter. I gotta research how to make a proper one and what I should include in it.